The suspects were arrested after police flooded the park following the spree, which started just before midnight.
Multiple charges of robbery are pending against 17-year-old Jesse Wasserman, of New Rochelle, and 19-year-old Driton Rexhaj, of Manhattan.
The suspects held up their three victims at gunpoint. One of the teens held a gun, while the other robbed the victims.
The suspects hit their first victim, a 19-year-old man, at East 84 Street and East Drive. They then robbed a second man at East 81st Street and East Drive, and then returned to East 84 Street and East Drive for their third victim.
The suspects got away with a bicycle, cell phones, a wallet, a backpack, glasses and sneakers.
A large number of police scoured the park for the two suspects, described as wearing red shirts.
They caught one on East 68th Street, off of Fifth Avenue. The second was caught nearby.
None of the victims were injured, and all three identified the suspects.
The gun the suspects used was not recovered. Police searched the park for hours, looking for the gun.